Discussion in 'Yellow Pages' started by Cassetti's Beard, Jun 2, 2016.

  1. Arakel

    Arakel First Team

    To my mind, it's something to be happy about. As long as the media continues slamming on crypto, it gives those of us already in more time to consolidate our positions for the future.

    Once it goes fully mainstream, those who are already established with the sensible tech will win, big time. Until that happens, I'm happy to continue to position myself while the media continues to spread stupidity.

    It's not about being an idiot, it's about relative ignorance. You can be the smartest person in the world, but if you don't know anything about the subject at hand that counts for very little.

    There are a bunch of traditional fiat monetary experts and investors who don't understand crypto and don't want to. As a result, they don't want it to catch on....and why would they? They're winning with the current system so anything that shakes that up and doesn't leverage their existing skills/contacts doesn't benefit them. So they just crap all over it because it benefits them to do so. You'll notice it's mostly age 55+ types with heavy ties to established stock markets or monetary systems throwing the most shade. That's not without reason. They don't get it and they never will.
    BigRossLittleRoss and reids like this.
  2. wfcmoog

    wfcmoog Tinpot

    Warren Buffet has been quote outspoken, but exactly, his house is all built on fiat, so why would a shift to decentralised crypto benefit him? The status quo has already seen him make billions from traditional assets.

    As I say, there are some people who make credible arguments that it will all end badly. For what it's worth, I think the most likely scenario is we see a meltdown of all the crap and scam ICOs within a year or two - the coins and tokens which are pure cash grabs with no long term team, plan or strategy and there will be a lot of people hurt. The naysayers will say "I told you so" meanwhile the smart money will still be in good, well founded projects which become billion dollar companies.

    There are a lot of scams in crypto, no doubt, but it's the uneducated and care free who are being suckered in. Look at Bitconnect And, IMO XRP and TRX which I think will leave people rekt
    Arakel likes this.
  3. Arakel

    Arakel First Team

    Yes, precisely.

    Pointing at crypto and saying it's going to implode because the scam coins will die makes about as much sense as saying investing in traditional businesses or shares makes no sense because of Charles Ponzi. Scams are scams. It doesn't make the case for investing in legitimate enterprises invalid.

    And on the subject of Bitconnect:

  4. wfcmoog

    wfcmoog Tinpot

    Well, exactly, but they will feel vindicated for pouring scorn and steering clear.

    The fact is, it's not easy to navigate the crypto world and sort the wheat from the chaff, especially for people who are used to a very old school way of thinking. It's a paradigm shift and some people will never get it. They are better off reading their Daily Express over half moon spectacles and tutting at the predictability of another story about another crypto scam gone bust, as they'd never have the time or inclination to get involved enough to find the profits.

    I saw a bit on The One Show where they got a load of pensioners to buy bitcoin, pretty much at the top of the market and then they all had to sell a t a fixed point, say two weeks later (Which as luck would have it was when btc crashed).

    Nobody really knew what bitcoin was or how it worked and they were following idiot proof instructions on how to buy from btc atms. The conclusion? They all lost big-time % wise on their modest (like £50) investment and bitcoin was proven to be a bad investment.

    This is the perception of the masses.
  5. Arakel

    Arakel First Team

    Haha, that's ludicrous!
  6. wfcmoog

    wfcmoog Tinpot

  7. Panorama on now on cryptos.
  8. Relegation Certs

    Relegation Certs Squad Player

    Jordan belfort...what a clown.
  9. Arakel

    Arakel First Team

    I saw a similar comparison by a US channel. They basically had a guy point at the fall in the market since December and claim that you can't put your money there, it's too unstable. He then compared the gains from the last two years in the stock market with the losses from crypto in the last two months.

    Surprisingly, he didn't mention that if you'd have bought into crypto two years ago, even AFTER the crash you'd be several dozen leagues ahead of the stock market.

    These people are fundamentally and transparently dishonest.
    reids likes this.
  10. Bahrain Hornet

    Bahrain Hornet Academy Graduate

    I wonder what the % is of money laundered through the UK London property market? I bet it’s more than 3/4?

    Sent from my iPad using Tapatalk
    BigRossLittleRoss and reids like this.
  11. From the description of blockchain on Panorama, it appears that every transaction that is checked by every computer on which the particular cryptocurrency is transacted, whether or not that computer is 'concerned' with the transaction. Is this correct, and if so isn't the cryptocurrency self limiting in that the amount of computer activity will rise exponentially with increased usage? Is this the reason for vast amount of juice Bitcoin needs to function?

    Also, what is the point of this?
  12. wfcmoog

    wfcmoog Tinpot

    The "checking" is the "mining" that specific, high powered and therefore high energy consumption computers do. This is the hard work which earns the machines and their owners who perform it a small reward for doing so.

    The other computers on the block chain merely have visibility of this process, so it's completely transparent. If someone says they sent you 1btc it will be shown on the block chain ledger and therefore no
    intermediary needed to verify
  13. a19tgg

    a19tgg Reservist

    I’ve just been focusing on LTC lately as I’ve found it’s movement to be fairly predictable and easy for me to make a little bit of money on. I sold half of what I had yesterday when it went above $200 for a decent little profit, now I’ve woken up to find it above $230!
    Meister likes this.
  14. Meister

    Meister Meister

    Profit isn't profit until it's realised and in the bank. There's always times when you could have sold it slightly later etc. Timing the market is impossible. If it wasn't there wouldn't be a market at all.

    Well done for coming out up but still having value in it.
    Next time grow a set and hold on for a bit longer.:D
  15. Meister

    Meister Meister

    We seem to be getting a more cautious rise in ETH, given recent drops and various media story manipulations.
    Can I hold out to 100 if it gets that far again? or will my set shrivel back to their usual chickpea size and dump early?
  16. reids

    reids Squad Player

    Yeah Eth (and all the altcoins) have been rising over the past few days, the below is looking like a fantastic decision now - with REQ going up 11% in the last 24 hours :D

    Meister likes this.
  17. wfcmoog

    wfcmoog Tinpot

    There's a fork of Litecoin coming - Litecoin Cash. I don't know much about it and I'm not holding any LTC, but the communities seem very divided. From my outside perspective, it seems that the people who are pumping LTC right now are simple carpetbaggers and I don't know if there is any value in the forked coin.

    There's also a fork of Ethereum Classic on the way - again I know little about it.

    I'm riding the ZCL/Bitcoin Private fork until 28th Feb. Taken a dip today, but still well up from my buy in and if Bittrex announces support, I suspect ZCL will top 250 quid before 28th. My decision then will be whether to sell ZCL before fork and take profit, or hold until after and hope that Bitcoin Private is worth even more. I have no illusions that ZCL will do anything other than dump hard once snapshot has occurred.
  18. Legends

    Legends Reservist

    Natwest and RBS are following Lloyds and will block payments from charge/credit cards for purchase of cryptocurrency citing customers insufficent knowledge of the risk from 19th of Feb.

    Hmmm surely that should apply to any investment?
    Last edited: Feb 16, 2018
  19. Arakel

    Arakel First Team

    DCA it - sell half before and half after. Should guarantee a good wedge at lessened risk.
  20. Squibba

    Squibba Predictor Choker 14/15

    Had one LiteCoin at £76 - shall I sell now it's basically double? It's going to drop again right? I'll buy back in when it drops again!
  21. Optimistichornet

    Optimistichornet Penguin Assassin

    It will probably drop again at some point. It depends how much you care about your £76 quid. What’s your plan with the money if you take it out etc?
  22. wfcmoog

    wfcmoog Tinpot

    No coin rises without correction or dip. If you're buying through Cpinbase, however, you need to make sure that you are making enough from each trade to cover their exorbitant fees.

    Iitecoin is already well down from ATH so could he about to go on another March.

    Have a look on Reddit for info about this fork and make a decision based on that.
  23. Squibba

    Squibba Predictor Choker 14/15

    To put it back in at some point. I’m £700 up after 6 months so just sticking to my dip in dip out method at the moment.

    Sent from my iPhone using Tapatalk
  24. Arakel

    Arakel First Team

    I think Litecoin is going to have a huge year, to be honest.
  25. wfcmoog

    wfcmoog Tinpot

    It's starting that way, but I can't see how the tech is going to stay relevant. I suppose it has the mass adoption of being a top 3 or 4 coin, but why would people use Litecoin as opposed to Monero, say.
  26. Clive_ofthe_Kremlin

    Clive_ofthe_Kremlin Squad Player

    I see that Iceland is suffering power shortages with an estimated half of its electricity being used to 'mine' these stupid cryptocurrencies. The amount of electricity used (produced from our precious resources and adding to global pollution) is estimated to exceed Icelanders’ own private energy consumption.

    Just be clear, this energy is being wasted on something as invented as those stupid Pokemon monsters they liked to take photographs of with their mobile phones, but at least that activity got the idiots out in the fresh air.

    Meanwhile scientists exploring the universe for signs of extra-terrestial life are reporting that they can't get hold of the powerful processors thereby hindering their research and the progress of the human race. And this is because these GPUs are all being used for chasing imaginary money. Gotta catch 'em all!

    I really think these cryptocurrencies are the most wanky thing that has ever become popular in my entire lifetime.
    Meister likes this.
  27. reids

    reids Squad Player

    Except they have the potential to fix so many of the parts of the world you hate so much.
  28. Meister

    Meister Meister

    Considering the amount of freezers they must own that is a lot of electricity.
  29. Bwood_Horn

    Bwood_Horn Squad Player

    My GP maintains that they are the way to future fund the NHS...
  30. jw-

    jw- Reservist

    I do agree that the environmental cost is overlooked when talking about these things. However the demand by miners will significantly advance GPU technology, accelerating human progress in its own right.
  31. Arakel

    Arakel First Team

    Not to mention that not all cryptos actually use miners, so broad brush strokes are unsuited. But hey, that would require knowledge of the thing you're criticising, eh?
  32. Arakel

    Arakel First Team

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  33. reids

    reids Squad Player

    Meister and wfcmoog like this.
  34. wfcmoog

    wfcmoog Tinpot

    Also that Iceland produces 100% of its energy from renewable sources, so the pollution argument and issue with depleting resources made in respect to that point is also false.
  35. wfcmoog

    wfcmoog Tinpot

    I'm going to try one more time to coax out the non-trolling side of you -

    You use Pokemon as an example of a made up thing. How about fiat cash? Completely made up and valueless, except that we believe it to be worth something. And moreover, controlled by a covert, elite of dubious motives.

    Now, even in your communist Utopia, people will still need a means of exchange, but imagine that instead of a central, government controlled (or private company, like the Federal Reserve, in the US) dictating these currencies, how about every person who used them had a say in their policy and how about the transfer and transaction of those currencies required no 3rd party intermediary to enable them to safely be passed from one comrade to another? That's Blockchain and crypto currency.

    That you don't like it confirms you are ignorant of it, because it is a revolution greater than your favourites in history and your stated goals have their only chance of being fulfilled through it's growth.

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